Gated 4-Unit
For Sale
$695,000
Pending
15400 Kiamichi Rd, Apple Valley, CA 92307
Four-unit residential property with covered parking, private storage, and a shared laundry facility.
Property Size3,753 SF
Lot Size0.39 Acres
Days on Market114
Property Features for 15400 Kiamichi Rd
General Information
Standard status
Pending
Size
3,753 SF
Lot size
0.39 Acres
Property subtype
Investment
Units
Unit Mix
3 x 2BR/1BA, 1 x 2BR+bonus/2BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Amenities
covered carports
private storage closets
community laundry facility
gated entry
camera system
granite countertops
Building Details
Building Size
3,753 SF
Year Built
1965
Buildings
1
Stories
1
Units
4
Listing Agency:
Realty ONE Group Empire
(760) 912-9847
Listed By:
Debra Tilbury · License #02097428
Source:
Elliman
Added: May 10
Changed: Aug 30
Last Checked: Aug 30 at 1:02PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty ONE Group Empire
Investment Insights
Based on property information with market context.
Located at 15400 Kiamichi Rd in Apple Valley, this 1965-built quadplex contains 3,753 sq ft of building area on a 17,020 sq ft lot. The configuration includes three two-bedroom, one-bath apartments of approximately 875 sq ft each, plus a larger two-bedroom manager’s unit with a bonus room or office, two bathrooms, and approximately 1,000+ sq ft.
Each apartment has central heating and air conditioning served by roof units. Individual gas and electric meters, public water and sewer, copper plumbing, granite countertops, and tile and carpet flooring are among the property’s physical features. Residents have access to covered carports with private storage closets and a shared laundry area with a washer and dryer.
The parcel is enclosed by fencing with an automatic entry gate and camera system. Additional site improvements include a concrete driveway and common-area space. Apartment #4 has a new water heater installed in 2026.
Each apartment has central heating and air conditioning served by roof units. Individual gas and electric meters, public water and sewer, copper plumbing, granite countertops, and tile and carpet flooring are among the property’s physical features. Residents have access to covered carports with private storage closets and a shared laundry area with a washer and dryer.
The parcel is enclosed by fencing with an automatic entry gate and camera system. Additional site improvements include a concrete driveway and common-area space. Apartment #4 has a new water heater installed in 2026.
Key Highlights
- Four‑unit building totaling 3,753 sq ft on a 17,020 sq ft lot
- Unit mix includes three 2‑bedroom, 1‑bath units at approximately 875 sq ft each
- Manager’s unit offers 2 bedrooms, bonus room/office, 2 bathrooms, and approximately 1,000+ sq ft
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,272
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$765,440
$765.4K
Cap Rate 7%
$546,743
$546.7K
Cap Rate 9%
$425,244
$425.2K
Market Conditions
NOI Build-Up for 3,753 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$58.1K $15.48/SF
− Vacancy
−$3.4K −$0.91/SF
EGI
$54.7K $14.57/SF
− OpEx
−$16.4K −$4.37/SF
NOI
$38.3K $10.20/SF
Area
San Bernardino County, CA
Vacancy
5.89%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$765,440
Cap Rate 7%
$546,743
Cap Rate 9%
$425,244
Alternative Uses
Best Use
Multifamily LT 5
$546.7K
$478.4K – $637.9K
NOI $38,272 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$474.6K
$415.3K – $553.8K
NOI $33,225 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$791.6K
$692.7K – $923.6K
NOI $55,415 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
Explore this area
Business Placement
Demographics for 92307, CA
41,649
Population
13,832
Households
3
Avg Household Size
37
Median Age
22%
College-Educated
88%
High-School Grad
187.5 sq mi
ZIP Area
222
Density / Sq Mi
$74,715
Median Household Income
$39,014
Median Earnings
$1,379
Median Rent
$396,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with covered parking, private storage, and a shared laundry facility.
Where is this quadplex located?
The property is located at 15400 Kiamichi Rd Apple Valley, CA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Four‑unit building totaling 3,753 sq ft on a 17,020 sq ft lot; Unit mix includes three 2‑bedroom, 1‑bath units at approximately 875 sq ft each; Manager’s unit offers 2 bedrooms, bonus room/office, 2 bathrooms, and approximately 1,000+ sq ft
